GECAS Helps Build Sriwijaya Air's Fleet With 12 Leased Boeing 737s

GE Capital Aviation Services Limited (GECAS), the commercial aircraft leasing and financing unit of GE, announced it will lease 12 Boeing 737-500s to help the Indonesian carrier Sriwijaya Air upgrade its fleet.

The first aircraft went into service today, with the remaining scheduled for delivery through January 2013. The 12 aircraft, with blended winglets for improved fuel savings, are coming off long-term lease with Continental Airlines, now merged with United Airlines.

“This complex transaction with an aggressive delivery schedule is another example of how GECAS is more than just a lessor,” said Antony Snelleman, senior vice president and region manager for GECAS. “We’re helping Sriwijaya build its business in a country that needs more airline service.”

GECAS estimates double digit growth in the Indonesian passenger market for the next two or three years.

"PT Sriwijaya is growing very fast and having a partner like GECAS that can quickly deliver aircraft to expand our business is critical," said Chandra Lie, chief executive officer of PT Sriwijaya Airlines. "Only a company like GECAS with their expertise and experience could make this transaction such a success."

Privately-held Sriwijaya Air started service in 2003 and today flies to nearly 50 destinations in Indonesia as well as Singapore and Penang.